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India’s Medical Devices Sector: A Window of Opportunity for South Korea
- Author Ram Singh
- Series23-27
- Date2023-07-27
The medical devices sector in India has been rapidly growing and evolving, driven by factors such as increasing healthcare expenditure, rising awareness of advanced medical technologies, government initiatives, and a growing population with a rising demand for healthcare services. The Indian medical devices market was valued at approximately $12 billion in 2021 and is expected to reach $50 billion by 2025, indicating significant growth potential. The sector covers a wide range of products, such as diagnostic imaging equipment, surgical instruments, patient monitoring devices, implants, consumables, and healthcare IT solutions. The market is primarily driven by imports, with domestic manufacturing accounting for a smaller share (Dang and Sharma 2019). However, the government has been promoting domestic manufacturing with an aim to reduce import dependency, the Medical Devices Policy-2023 of India should be seen in the same context.
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